SBI LIFE – SMART CHAMP INSURANCE

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Some of the aspects of this policy:

  • SBI Life – Smart Champ Insurance, a traditional participating child insurance plan, helps in securing your child’s educational needs. Enjoy smart benefits through four equal annual installments after your child turns 18 years of age.

    This plan offers an array of benefits, including –

  • Security – to ensure your family is financially protected
  • Reliability – to secure your child’s future
  • Flexibility – to choose the premium payment option

Some of the amazing features and advantages of this policy:

Features

  • Life and Accidental Total Permanent Disability (ATPD) coverage throughout the policy term
  • Immediate payment of sum assured and premium waiver in case of an eventuality
  • Smart benefits in four equal annual instalments after the child reaches 18 years of age
  • Pay one-time premium or limited premium

Advantages

Security

  • In case of an eventuality, your family receives a lump sum amount to tide over immediate financial challenges

Reliability

  • Your child will receive the plan benefits as you envisaged, without the burden of premium payment

Flexibility

  • Option to pay one-time premium or limited premium as per your comfort

Some of the SBI LIFE – SMART CHAMP INSURANCE Policy benefits are as follows,

In the unfortunate event of death or ATPD, whichever is earlier, during the policy term, the following benefits are payable, provided the policy is in-force:
A lump sum amount immediately:

  • For SP Policy: The amount of benefit is Sum Assured.
    Where Sum Assured is higher of Basic Sum Assured or a multiple of Single Premium; where multiple is:

    Policy TermAge at entry of Life Assured less than 45 yearsAge at entry of Life Assured 45 years or more
    All terms1.251.10
  • For LPPT: The amount of benefit is Sum Assured Where Sum Assured is higher of basic sum assured or multiple of annualized premium* or 105% of all the premiums paid till the date of occurrence of the insured event.
    Where multiple is:

    Policy TermAge at entry of Life Assured less than 45 yearsAge at entry of Life Assured 45 years or more
    8 and 9 years55
    10 years or more107

    *Annualized premium is the premium payable in a year, excluding service tax, cess, the underwriting extra premiums and loadings for modal premiums, if any.

  • No future premium installment(s), due, if any, are required to be paid. The policy continues to accrue bonuses, if applicable.
  • Due installment(s) of Smart Benefits are payable. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits.

Benefit payable on survival

You will receive the Smart Benefits, which will be paid at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age, as mentioned in the table below:

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Age of ChildSmart Benefits
18 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus
19 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus
20 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus
21 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any

Option to receive the discounted value of the future due installment(s) plus the terminal bonus, if any, in a lump sum amount during the last 3 policy years.

To know more about the terms and conditions of SBI Life – Smart Champ Insurance, read the following documents carefully.

One who is able to take SBI Life – Smart Champ Insurance Policy

  • All the references to age are age as on last birthday.
  •  For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card) For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction
  •  In cases where APC&CA option is chosen, policy term should be appropriately chosen, so as the Maximum age at Maturity of the option is not breached.

One important aspect is Tax Benefits:

  • Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
  • You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.

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